The conclusion is that there will be a bear market in most financial assets driven by a convergence of Market Volatility converging at higher levels with Policy Uncertainty. War plays a lesser role and Policy Uncertainty a bigger one since we first presented this analysis to you.
Macro Policy Uncertainty will revolve around: Tariff & their fallout; inflationary impacts of Trump policies in the US causing a Fed U-Turn; Unsustainablly unbalanced growth globally; a lack of positive macroeconomic surprises on profits , inflation and interest rates; & financial stability vulnerabilities in non-bank credit and private equity.
For the Wealth Preservation Portfolio - please read the report
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